Let’s talk about one problem that many accountants make. Especially when their accounting firms are still young.

They don’t think about what’ll happen in 5, 10, or 20 years.

And yet, you don’t build a business only to have it close down in a year or two, do you?

This mistake becomes evident when you look at the type of clients that they onboard. They don’t pay too much attention to the fact that the client might be gone in a year or two. Especially if their financial situation at the time is good.

What’s the problem then? A short-lived niche. If your clients work in a niche that’ll disappear in just a few years, what do you think will happen to your business?

Unless you find other clients, it’ll be gone too.

When was the last time you went into a bookstore?

Exactly.

It’s not that people stopped reading. But they started new reading habits that marginalized the need for physical bookstores.

Now, imagine if that was your niche market.

All that time, money, and energy that you spent marketing to that niche go down the drain.

And bookstores are not the only niche affected. There are THOUSANDS of niches undergoing a similar transformation. If you don’t want it to affect your cash flow, you should focus on what you believe is evergreen.

Of course, none of us has a crystal ball to gaze into. So there are no guarantees that your clients won’t be gone in 5 years too. However, if you focus on industries that have been here for quite some time (and keep growing), you should be able to pick the ones that’ll work with you for years.

And, as long as you provide them with quality service, they might stick with you for good. What’s one of the keys to building a long-term business and finally charging what you’re worth.